Crypto Payments Soared To Unprecedented Levels In 2023, CoinGate Report Reveals
January 10 2024 - 3:00PM
NEWSBTC
The year 2023 witnessed a remarkable surge in crypto payments,
signaling a significant milestone in adopting digital currencies
for retail and e-commerce transactions. According to a recent
report by CoinGate, a crypto payment processor firm, the number of
crypto payments processed reached staggering heights, showcasing
robust growth and diversification in the crypto landscape.
Massive Surge In Crypto Payments In 2023, CoinGate processed an
astounding 1,294,058 cryptocurrency payments, marking a 39.4%
increase compared to the previous record. This exponential growth,
equivalent to one payment every 24 seconds, underscores the
accelerating pace of crypto adoption. Notably, approximately
one-third (32.35%) of all transactions processed by CoinGate in the
last ten years occurred in 2023, emphasizing the surge in the
popularity of digital currencies. Related Reading: Cardano Price
Explosion: Crypto Analyst Predicts ADA Price To Hit $6 Per the
report, integrating Binance Pay wallet into CoinGate’s payment
services in March 2023 played a significant role in driving this
growth. Binance Pay accounted for 8.2% of all crypto payments
in 2023, showcasing a steady increase in usage throughout the year.
This upward trend, from 4.5% in March to 13% in December, indicates
the growing adoption and usage of Binance Pay as a preferred
payment method. Lightning Network Surges In Popularity Moreover,
CoinGate’s report highlights the increasing maturity and acceptance
of the Lightning Network, an essential component of Bitcoin
payments. In 2023, the Lightning Network facilitated 7.8% of
all Bitcoin payments processed by CoinGate, representing a notable
increase from previous years. Furthermore, the overall number
of Lightning Network payments grew by 35.9% compared to the
previous year, indicating a growing reliance on this
technology. However, Bitcoin, long considered the dominant
cryptocurrency for payments, saw a decline in its share of total
transactions processed by CoinGate. While Bitcoin accounted for
54.8% of all transactions in 2021, its share dropped to 35.6% in
2023. Stablecoins, particularly Tether’s USDT, emerged as a
popular choice for crypto payments in 2023. The usage of USDT
increased from 15.1% in 2022 to an average of 25.4% in 2023,
indicating a shift towards stablecoins due to their perceived
stability and reliability. Alternative Payment
Solutions According to CoinGate’s report, crypto-friendly
merchants experienced remarkable success in 2023, with a
significant portion of their sales attributed to cryptocurrency
payments. Eldorado.gg, a gold and accounts marketplace for
gamers, reported crypto payments contributing to 3% of their total
sales. IPRoyal, a proxy service provider, saw over 30% of their
payments made in cryptocurrencies. Hostinger, a web hosting
provider, captured nearly one-fourth of all crypto-paying
customers, showcasing the effectiveness of alternative payment
solutions in catering to diverse customer needs. Related Reading:
Ethereum’s Bullish Breakout: Analysts Predict Surge To $3,500 –
Here’s Why Overall, 2023 demonstrated a paradigm shift in the
adoption of cryptocurrency payments. The surge in transactions
processed by CoinGate, the increasing usage of Binance Pay and the
Lightning Network, and the diversification of cryptocurrencies used
for payments all point towards a new era of acceptance and trust in
digital currencies. As crypto-friendly merchants reap the
benefits of embracing these payment methods, it becomes evident
that cryptocurrency payments offer sales growth, solutions for the
unbanked population, and global accessibility. With the stage
set for further expansion in 2024, the transformative power of
cryptocurrency payments continues to reshape the retail and
e-commerce landscape. Featured image from Shutterstock, chart from
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